Sharks Accumulate as Bitcoin Consolidates; Gold and Silver Rally
On-chain data show large Bitcoin holders (100–1,000 BTC, dubbed “sharks”) sharply increased net purchases in late 2025 while BTC traded in a narrow range. Glassnode-derived metrics and estimates indicate these wallets accumulated up to roughly $23.5 billion of BTC in recent weeks, though totals vary with cohort definitions, custody reshuffles and price assumptions. Over the same six-month window, traditional safe-haven metals outperformed: gold rose ~38% and silver over 100%, while Bitcoin’s market cap fell about 17% from highs above $110,000. Price action has retraced from >$110k into a tight consolidation between roughly $85,000 and $92,000, with long-wick candles and compressed volatility signalling two-way trading and market absorption of prior selling. Net inflows into some U.S. spot BTC ETFs persist, pointing to continued institutional demand. Analysts caution on-chain accumulation can be skewed by exchange/custody address moves but say sustained buying by large wallets often reflects longer-term bullish positioning by smart money. For traders: large-wallet accumulation is a bullish structural signal for BTC, metals’ outperformance suggests capital rotated into safe havens (risk-off flows), and the current technical compression raises the odds of a decisive breakout or breakdown — watch support, resistance and ETF flows for triggers and liquidity dynamics.
Bullish
Net accumulation by large wallets (100–1,000 BTC) and continued net inflows into some U.S. spot BTC ETFs point to sustained institutional and whale demand, which is a bullish structural signal for Bitcoin. On-chain metrics showing a sizeable uptick in holdings suggest smart-money positioning that can underpin price support. The technical picture — a tight consolidation between roughly $85k–$92k after a retracement from >$110k — implies compressed volatility and an elevated probability of a significant directional move once a clear breakout or breakdown occurs. Short-term impact: neutral-to-bullish — compressed ranges can trigger sharp moves in either direction, so traders should watch liquidity, order flow and ETF flows for break confirmation. Long-term impact: bullish — sustained accumulation by large holders and ongoing institutional interest increase the likelihood of higher price floors over time, assuming macro conditions remain supportive. Risks: on-chain cohort counts can be distorted by custody/exchange address reshuffles and metals’ strong outperformance signals some capital rotated to safe havens, indicating pockets of risk-off sentiment that could cap upside until broader risk appetite returns.